Rapid industrialization, urbanization, rapid development and investment in the renewable energy sector drive the growth of the global cable accessories market. However, failure of cable accessories and volatile prices of raw materials restrain the market to some extent. On the other hand, Increase in investments and favorable government regulations present new opportunities in the upcoming years.
The global cable accessories market generated $49.5 billion in 2020, and is projected to reach $99.3 billion by 2030, witnessing a CAGR of 7.2% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Cable accessories are important components in cable infrastructure projects to facilitate joints and termination. Cable accessories offers longer operational life, increases reliability, and efficiency of power cables in the grid infrastructure. Power cables in industries and electrical applications face difficulties such as high temperature and severe environmental conditions, hence there is need for cable accessories, which overcomes these difficulties. Various applications of cables accessories include bus bar sleeving, bus bar taping, breakouts for separation of cores, rain sheds for increasing creepage distance, and insulations.
Cable Accessories Market Segment Review
The report offers detailed segmentation of the global cable accessories market based on voltage, installation, end user, and region.
Based on installation, the overhead segment held the largest market share in 2020, holding more than three-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the underground segment is projected to register the highest CAGR of 8.0% from 2021 to 2030.
On the basis of end user, the renewables segment holds the largest share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This was attributed to rapid growth of solar, wind, wave, hydro, and other renewable sectors.
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Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2020, holding nearly one-third of the total market share, and is estimated to continue its dominant share by 2030. Moreover, North America is projected to manifest the fastest CAGR of 8.0% during the forecast period.
Based on voltage, the high segment held the highest market share in 2020, holding more than two-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the medium segment is estimated to register the highest CAGR of 8.2% from 2021 to 2030.
Cable Accessories Market Key Players
The global cable accessories market analysis covers in-depth information of the major cable accessories industry participants. The key players operating and profiled in the report include ABB, Ltd., Dubai Cable Company, Elsewedy Electric, Furukawa Electric Co., Ltd., LS Cable & System Ltd., Nexans S.A., NKT A/S, Prysmian Group, Sumitomo Electric Industries, Ltd., and Tele-Fonika Kable.
Other players in the value chain of the cable accessories market include Taihan Electric Wire Company Ltd., Jiangnan Group Limited, Kabelwerke Brugg AG, Southwire Company, LLC, Baosheng High Voltage Cable Co., Ltd., and others.
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The report analyzes these key players in the global market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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